The identification and analysis of harmonics, frequency, and transient events are essential today. It is necessary to have available data relating to harmonics, frequency, and transient events to understand power systems and their proper control and analysis. Power quality monitoring is the first step in identifying power quality disturbances and reducing them and, as a result, improving the performance of the power system. In this paper, while presenting different methods for measuring these quantities, we have made some corrections to them. These reforms have been obtained through the analysis of power network signals. Finally, we introduce a new monitoring system capable of measuring harmonics, frequency, and transient events in the network. In addition, these values are provided for online and offline calculations of harmonics, frequency, and transient events. In this paper, two new and practical methods of the “algebraic method” are used to calculate network harmonics and wavelet transform to calculate transient modes in the network. Furthermore, the proposed monitoring system is able to reduce the amount of data-storage memory. The results of the simulations performed in this article show the superiority of using the new method presented for online and offline monitoring of power quality in electric power systems.